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John Grady, who joined Gartmore's US business as transition manager during the sale of its UK arm earlier this year, is to take over as chief executive following Paul Hondros' departure this week.

Grady will lead the operations of NWD Investments, the renamed Gartmore business based in Philadelphia, on an interim basis, parent Nationwide Mutual said.

Hondros, who oversaw the sale of Gartmore's UK-based investments operation in June to its management, backed by private equity group Hellman & Friedman, will leave the group tomorrow. He will "pursue other opportunities", the company said.